Trump signs billion-dollar stimulus package

Trump signs billion-dollar stimulus package

U.S. President donald trump has signed a massive stimulus package that will pump about $2 billion into the economy.

Trump shared on twitter that he had just signed "the largest economic aid package in american history". At $2.2 billion, "this bill will provide much-needed relief for our nation’s families, workers and businesses.". Just hours earlier, after trump’s republican-dominated senate, the democrat-controlled house of representatives had also passed the bill.

The weibe house, the republicans and the democrats had only been able to agree on the stimulus package after countless negotiations. The volume of the package corresponds to almost ten percent of annual economic output. The health sector and countries particularly affected by the coronavirus will receive billions of euros in additional aid. In addition, there are to be immediate direct payments to most taxpayers: adults are to receive 1200 US dollars per person, with an additional 500 US dollars per child.

An important part of the package is also loans for small and medium-sized enterprises totaling around 350 billion dollars, which can be waived later under certain conditions. The ministry of finance is also said to have 500 billion dollars available for further emergency loans to companies.

The speaker of the house of representatives, democrat nancy pelosi, said: "our nation today faces an economic and public health emergency of historic proportions."The deputies voted in a simplified and thus expedited procedure in which individual votes were not recorded. The U.S. Has now passed the bill with more than 92.000 fall the world’s most confirmed coronavirus infections. More than 1300 deaths recorded so far.

According to data released by the U.S. Department of labor on thursday, the number of initial applications for unemployment benefits in the U.S. Rose in the week to 21. March by a factor of ten from 282.000 million to around 3.3 million. This was the highest value since the beginning of data collection. Initial applications are considered an indicator of the short-term development of the labor market. In the previous week – at the beginning of the epidemic in the USA – the first motions were only by 70.000 to 281.000 increased.

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